Lower price point projects like you describe are generally the best candidates.

At the end of this year, I'll be moving back to San Luis Obispo County, CA, and I have been a bit depressed looking at the housing prices. 

Hey im in the market to try and build with prices jumping so high it makes sense.

My roofer could probably beat that price uses 30yr comp shingles. 

Las Vegas is on the verge of a market over-supply of housing, and that will produce a large price drop. 

The facility is underperforming and it should be a good opportunity to buy it while the price is "low" (asking $40 million, with a solar farm that is currently being installed) before the "Silver Tsunami" hits over the next few years.  

I also include rentometer reports showing area rents for the last 6-12 months and a list of other properties I have for rent at lower price points.

The prices of everything went up.

Also, what are you main reasons for looking to STF in Rockford, not knocking the area by any means but there is so much opportunity within the city limits where you're less likely to have extended vacancies.Short term rentals have taken a beating this year, while long term rentals have seen an uptick in what they can charge due to high home prices, and inflated interest rates.

I primarily invest in Cape Coral due to prices generally being cheaper than Naples.